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Early Paper Money of America / New Jersey / 1780 June 9 Act

£225,000 ($600,000) in legal tender Bills of Credit payable in Spanish milled dollars by Dec. 31, 1786 with 5% interest was authorized by the June 9, 1780 Act. Guaranteed by the United States pursuant to the March 18, 1780 Resolution of the Continental Congress making the N.J. issue dependent upon the amount of Continental Currency exchanged at $40 (old) for $1 (new). Legal tender terminated as of May 1, 1782 by the Act of June 13, 1781. Paid out at depreciated current exchange rates pursuant to the Dec. 29, 1781 Resolution. By the Dec. 21, 1784 Act bills were revalued at $3 in bills for $1 in specie. The faces are in black and the backs in red and black. Printed by Hall & Sellers in Philadelphia on mica-flaked, paper watermarked: UNITED STATES in two lines. Face border cuts and back cuts surrounding the emblems were engraved by Henry Dawkins, a former counterfeiter for the British. Border cuts and the emblems on the back are from the Jan. 14, 1779 issue of Continental Currency. Sometimes surcharged in red "Int. Pd. 1 Yr." or variants. Signers were David Brearley, Philemon Dickinson, Moore Furman, John Imlay, Robert Neil, and Benjamin Smith. Guaranty signed by Joseph Borden and Joseph Kirkbride.

$1 [12,000]
$2 [12,000]
$3 [12,000]
$4 [12,000]
$5 [12,000] ▷CF◁
$7 [12,000]
$8 [12,000]
$20 [12,000]

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